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Special Representative of the President holds meeting with the Ambassador of Türkiye

Special Representative of the President holds meeting with the Ambassador of Türkiye Tashkent, Uzbekistan (UzDaily.com) — On 28 February 2024, the Special Representative of the President of Uzbekistan for Afghanistan Ismatulla Irgashev met with the Ambassador Extraordinary and Plenipotentiary of Türkiye Olgan Bekar. The parties exchanged views on the results of the meeting of UN Secretary General Antonio Guterres in Doha with special representatives of key countries and organizations for Afghanistan, and discussed the current situation in Afghanistan. During the meeting, the sides expressed their interest in further deepening cooperation on the issue of the Afghan settlement. The parties spoke in favor of the need to continue humanitarian assistance to the Afghan people and coordinate efforts in this direction. The Turkish Ambassador highly appreciated the efforts of Uzbekistan aimed at developing a consolidated regional position on Afghanistan and strengthening long-term peace and stability in this country.

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Bitcoin rate rises by about 10% in one day

The price of Bitcoin surged to a new high on February 27 as per data from Coinmarketcap. This latest price surge represents the highest point for Bitcoin since early December 2021, a period during which the cryptocurrency experienced a downward trend in its valuation. The renewed bullish momentum in Bitcoin’s price propelled its market capitalization to exceed $1.1 trillion, a level not seen since late 2021. Concurrently, other major cryptocurrencies also experienced growth, with Ethereum hitting an annual high of $3,200. This move by MicroStrategy spurred a 16% increase in the company’s shares within a single day. Similarly, leading cryptocurrency exchange Coinbase witnessed a surge in its stock price, with its securities more than tripling in value since 2023. According to Coinbase CFO Alecia Haas, the surge in cryptocurrency prices was partly fueled by the commencement of trading in cryptocurrency exchange-traded funds (ETFs). The US Securities and Exchange Commission’s approval of 11 ETFs for public trading in January marked a significant development in the cryptocurrency market. The anticipation surrounding the impending trading of Bitcoin-linked ETFs helped Bitcoin largely recover from its price decline in 2022. While Bitcoin initially experienced a dip in value following the launch of these ETFs, it has demonstrated a consistent upward trajectory since February. Earlier Daryo reported that the OKX cryptocurrency exchange would cease operations for users from Uzbekistan.

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O‘zbekistonda dollar kursi oshdi

Markaziy bank xorijiy valyutalarning o‘zbek so‘miga nisbatan 28-fevralda amalda bo‘ladigan qiymatini eʼlon qildi. Unga ko‘ra, dollar 19,11 so‘mga ko‘tarilib, 12 500,01 so‘m bo‘ldi. Yevro 36,96 so‘mga oshib, 13 566,26 so‘m bo‘ldi. Rubl 1,26 so‘mga ko‘tarilib, 136,04 so‘mni tashkil etdi. Bundan avval dollar kursi ketma-ket ikki kun pastlab, 12 480,90 so‘m bo‘lgandi. Yevro va rubl esa ko‘tarilgandi. 23-fevral kuni dollar kursi ilk bor 12 500 so‘mdan oshgandi.

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Uzbekistan sets $7.2bn foreign investment target for Q1 2024

The government of Uzbekistan has set targets for foreign investment in the first quarter of 2024, aiming to attract a total of $7.2bn to fuel economic growth and development initiatives across various sectors and regions, Norma.uz reported. A resolution adopted by the Cabinet of Ministers outlines the investment program for the initial months of the year, with a significant portion allocated to industries and regional development projects. Of the total investment, $4.1bn is earmarked for industries, while $3.1bn is allocated to bolster regional economies. The energy sector is expected to draw the lion’s share of investment, with nearly $1.7bn targeted for expansion and modernization efforts. Conversely, the forestry sector will receive the smallest allocation, with just $1.5mn set aside for investment. In terms of regional distribution, the capital region is slated to receive the largest infusion of investment, totaling $428mn, while the Council of Ministers of Karakalpakstan is set to receive the smallest portion, approximately $50mn. In addition to these initiatives, a comprehensive targeted program has been approved, encompassing 276 promising investment projects valued at almost $33bn. These projects are expected to drive growth and innovation across various sectors of the economy. To facilitate these investment endeavors, Uzbekistan plans to leverage foreign credit resources, with a target of attracting $2.3bn through 70 credit lines provided by 11 domestic banks over the course of 2024. Furthermore, the government has allocated grants totaling more than $1bn to 24 ministries and departments, with significant funds allocated to key sectors such as agriculture and environment. Both the Ministry of Agriculture and the Ministry of Environment are set to receive $150mn each to support their respective initiatives. In 2023, Uzbekistan experienced a notable increase in Foreign Direct Investment (FDI) in its economy, surging to $7.2bn, as reported by the Central Bank. This represented a doubling from the previous year’s figures. The bulk of this foreign investment, totaling $3.4bn, was received during the final quarter of 2023. The Central Bank noted that remittances returned to levels consistent with medium-term trends, reaching $11.2bn. By the end of 2023, Uzbekistan had secured international loans amounting to $2.8bn. Among these, the Asian Development Bank provided $615.6mn, followed by the World Bank with $552.4mn, and China with $398.8mn. Follow Daryo’s official Instagram and Twitter pages to keep current on world news.

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Economy of Turkmenistan achieved sustainable development – President

Turkmenistan’s gross domestic product (GDP) growth rate was 6.3% in January 2024, up from 6.2% a year earlier, local TV channel Altyn Asyr reports. President Serdar Berdimuhamedov told a government meeting that “sustainable development has been achieved in the sectors of the national economy”. Last month, the volume of investments made in the country from all sources of financing totalled 2.5bn turkmen manats, 24.6% more than a year earlier. In the period under review, the volume of manufactured products increased by 8.2% compared to the same period of the previous year. Berdimuhamedov instructed to keep the prices and supply of consumer goods in the country’s markets and shops under constant control. “There is still a lot of work ahead of us, we have to implement measures by sectors and regions, solve many tasks”. Turkmenistan exports gas mainly to China, but also to Russia and Uzbekistan. The country exports electricity, oil products, polymers, synthetic petrol and textiles. Eziz Boyarov

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Kazakhstan to reduce oil production, committing to OPEC+ obligations

The Ministry of Energy of the Republic of Kazakhstan has stated that Kazakhstan will compensate for the overproduction of oil in the coming months and will comply with its production obligations within the framework of OPEC+, on February 14. Additionally, Kazakhstan intends to honor any supplementary voluntary commitments made by OPEC and non-OPEC nations in April 2023 and subsequent agreements reached in November 2023 for the months of February and March 2024. The ministry emphasized Kazakhstan’s consistent support for the initiatives of OPEC+ member countries, underscoring its dedication to maintaining stability in the global oil market. Previously, the Ministry of Energy had outlined Kazakhstan’s intention to decrease oil production starting in January 2024, aiming to contribute to the prevention of uncertainty and volatility in the oil market. Notably, Kazakhstan’s oil production obligations for the first quarter of 2024 were set at 1.468 mn barrels per day.

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Belarus delegation explores collaboration with Uzbekistan in education sector

A high-level delegation from of Belarus, led by the Minister of Education, Andrey Ivanes, visited the Ministry of Higher Education, Science, and Innovation of the Republic of Uzbekistan on February 6, governmental portal of Uzbekistan reported. The delegation’s purpose was to engage in discussions with Uzbekistan’s Minister of Higher Education, Science, and Innovation, Kungirotboy Sharipov, to explore avenues for collaboration in the education sector. Minister Sharipov stressed the necessity of improving personnel training in engineering and technical fields relevant to key sectors such as education, energy, metallurgy, mechanical engineering, oil and gas, construction, light industry, medicine, and agriculture. He expressed the intention to enhance collaboration between Uzbekistan and Belarus in various areas, including the establishment of a scientific and technical consortium, the development of distance education programs, and facilitating teacher internships from Uzbekistan in Belarus. Additionally, Minister Sharipov proposed fostering cooperation between technology parks and organizing student detachments. Both parties emphasized the importance of implementing projects aimed at promoting high-tech products developed by educational institutions in Uzbekistan and Belarus in domestic and international markets. The meeting concluded with a shared commitment to advancing bilateral cooperation in the education sector and fostering mutual learning and development. Earlier Daryo reported that the Uzbekistan-Belarus Business Forum, held on December 5, represented a notable advancement in the economic partnership between the two countries. Attended by more than two hundred delegates from the business sectors of Uzbekistan and Belarus, the forum served as a vibrant arena for cultivating strategic connections and investigating opportunities for shared development.

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Spanish business delegation to visit Turkmenistan in March

In March 2024 a Spanish delegation, which will include representatives of leading companies, will visit Turkmenistan, the Embassy of Turkmenistan in Russia reports. This issue was discussed during a meeting between the Ambassador of Turkmenistan Esen Aidogdiyev, accredited in Moscow, and his Spanish counterpart Marcos Gómez Martínez. The diplomats expressed their interest in establishing joint work in areas such as investment activities, the introduction of modern technologies and the training of highly qualified personnel. The European Union, including Spain, wants to diversify energy sources with Turkmenistan, which has the world’s largest natural gas reserves. Experts told Daryo that areas such as construction, energy, gas processing, creation of industrial and transport infrastructure, water management are promising areas for partnership between the two countries. Eziz Boyarov

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Uzbekistan’s NAPP reports strong economic growth in 2023, revenue hits $2.9mn

With a revenue tally of UZS 36.2bn ($2.9mn), officials from the National Agency for Prospective Projects of Uzbekistan (NAPP) unveiled advancements across diverse economic sectors throughout 2023 in a press conference held at the Agency of Information and Mass Communications under the Administration of the President of Uzbekistan. Key figures including First Deputy Director Vyacheslav Pak and several department heads participated, reflecting on achievements and future plans. “To address many tasks, especially regarding digitization, the introduction of innovations, and new forms and methods of attracting investments, close interaction between the state and business is necessary, since as we all know, innovations and technologies are often provided by businesses,” Vyacheslav Pak noted. He highlighted NAPP’s commitment to fostering an open dialogue with entrepreneurs, emphasizing efficiency and innovation over bureaucracy. One of the major developments highlighted was the expansion of NAPP’s responsibilities following presidential decrees. These decrees entrusted NAPP with regulating the capital market and overseeing activities such as securities trading and insurance. Additionally, NAPP inherited tasks related to e-commerce regulation and consumer protection in digital spaces. The institutional expansion of the national market for crypto-assets was a notable achievement of the past year. NAPP issued nine licenses for service providers in this domain, including exchanges, depositories, and stores, generating significant government revenue totaling UZS 36.2bn ($2.9mn). Moreover, initiatives to strengthen consumer protection and combat digital offenses were emphasized. In the capital market arena, NAPP facilitated the registration of share issues and bonds worth billions of Uzbekistani som. Notable instances included increasing the authorized capital of Uzbektelecom and EIIC “Uzbekinvest,” as well as conducting Initial Public Offerings (IPOs). Efforts to protect minority shareholders’ rights were underscored, with dividend payments totaling UZS 1.2bn ($97,122) in the 4th quarter of 2023 alone. The insurance sector also witnessed substantial growth and activity. The total authorized capital of insurance organizations saw a significant increase, reaching more than UZS 2.3 trillion ($186mn), with a corresponding rise in investments into the economy exceeding UZS 6.2 trillion ($501mn). The substantial volume of insurance payments made, totaling UZS 2 trillion ($161mn), underscores the sector’s vital role in risk mitigation and financial security. Moreover, NAPP’s efforts to safeguard consumer rights in insurance services were commendable, reflected in the resolution of appeals and subsequent compensations totaling UZS 19.7bn ($1.5mn). The agency’s dedication to creating favorable conditions for the development of various economic spheres through legislative improvements and technological advancements was reiterated. NAPP remains dedicated to fostering favorable conditions for advancing various sectors including crypto-asset circulation, the capital market, insurance, e-commerce, and the organization of lotteries and bookmaking activities in Uzbekistan. This commitment involves enhancing national legislation to safeguard the rights and interests of market participants, promoting the adoption and advancement of innovative technologies, and implementing mechanisms to attract investments across these domains. Follow Daryo’s official Instagram and Twitter pages to keep current on world news.

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NAPP to sue Binance crypto exchange over fine payment failure

The National Agency for Prospective Projects (NAPP) of Uzbekistan has announced its intention to pursue legal action against Binance, one of the world’s largest cryptocurrency exchanges. Deputy Director Vyacheslav Pak revealed this development at a press conference held on February 6 at the Agency of Information and Mass Communications (AIMC) under the Administration of the President of Uzbekistan, Spot reported. The crux of the dispute lies in Binance’s alleged operation without a license in Uzbekistan, compounded by concerns over the lack of a legal entity and the hosting of electronic platforms on servers within the republic. The agency levied a significant fine of UZS 102 mn ($8,256) against Binance, citing these violations. Furthermore, Pak addressed the issue of peer-to-peer (p2p) transactions in the cryptocurrency realm, highlighting the absence of an effective mechanism for their control. He emphasized the potential risks associated with unregulated p2p trading, including the facilitation of illicit activities such as trading stolen or illegally obtained crypto assets. Consequently, NAPP remains steadfast in its decision not to authorize p2p transactions within the republic, citing concerns over regulatory oversight and security. In February of the following year, Deputy Director Vyacheslav Pak disclosed Binance’s insistence on legalizing p2p transactions in Uzbekistan while failing to establish a physical presence or transfer essential infrastructure to comply with regulatory requirements. NAPP remained steadfast in its stance, refusing to endorse p2p transactions until a viable means of regulation could be established. Earlier Daryo reported that the past year saw a significant milestone with the institutional growth of the national crypto-assets market. NAPP granted nine licenses to service providers, such as exchanges, depositories, and stores, resulting in substantial government earnings amounting to UZS 36.2 bn ($2.9 mn). Additionally, there was a focus on initiatives aimed at bolstering consumer safeguards and addressing digital crimes. The National Agency for Prospective Projects of Uzbekistan (NAPP) is a state organization authorized to implement the procedures for regulation, licensing and permitting in the spheres of crypto-asset circulation, capital market, insurance, e-commerce, lottery organization and bookmaking activities. NAPP believes their mission is to create a market that meets international standards, attract additional capital and investments to the country’s economy, ensure investor protection, and create conditions for improving the welfare of citizens.

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